Vladimir Putin marked underinvestment in global oil and gas sector
Russian President attributes it to aggressive promotion of the green agenda
Aggressive promotion of the green agenda has led to underinvestment in the global oil and gas sector, Vladimir Putin said at the plenary session of the Russian Energy Week International Forum, according to the speech transcript published on the official website of the Kremlin.
“The fact is that aggressive promotion of the green agenda, which, of course, needs support, as I said, but it should be done right, so, the aggressive promotion of this agenda, including in the euro area, has led to underinvestment in the global oil and gas sector. Already. Meanwhile, the EU and the United States have imposed sanctions on leading oil producers, which make up about 20 percent of the global output. As a result, in 2020–2021, investment in oil and gas production dropped to the lowest levels in the past 15 years,” said the President.
Vladimir Putin estimated businesses underinvested at $2.5 trillion.
“We are not going to supply energy to the countries that introduce price caps,” he added.
On 6 October 2022, EU approved the eighth package of sanctions against Russia. It marked the beginning of the implementation within the EU of the G7 agreement on Russian oil exports. “While the EU's ban on importing Russian seaborne crude oil fully remains, the price cap, once implemented, would allow European operators to undertake and support the transport of Russian oil to third countries, provided its price remains under a pre-set “cap”, reads the statement. This measure would take effect after 5 December 2022 for crude and 5 February 2023 for refined petroleum products.
The sanctions, first introduced by the EU and the U.S. in 2014, were significantly expanded after the beginning of Russia’s special military operation in Ukraine in February 2022. They currently consist of a broad spectrum of sectoral measures, including restrictions on finance, energy, technology and dual-use goods, industry, transport and luxury goods. G7 finance ministers also agreed implement the price cap for Russian oil.
Related link:
EU agrees on eighth package of sanctions against Russia>>>>
